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Nigeria: FG Approves World Bank's $3.45bn Loan for Projects

Oguntade Adedoyin

Oct 24, 2023 — 1 min read

The Cable

The Federal Executive Council in a Council Meeting on Monday October 23rd, presided on by the Nigerian President ,Bola Tinubu granted approval for a loan of $3.45 billion to fund five projects.

Wale Edun, the minister of finance and coordinating minister of the economy, announced at the meeting's conclusion that the approved projects were based on the five memos he had presented.

The projects include, power sector, states' resources mobilization programme, renewable energy, adolescent girls' Initiative for learning and empowerment and a women's empowerment project.

Speaking to State House Correspondents,Wale Edun said that the Federal Government plans to accept a $3.5bn loan that has zero interest. This loan will need to be repaid within a span of 40 years, starting in 2033 after a 10-year grace period.

He further explained that he presented five memos to the Federal Executive Council, all of which were approved.

These memos were related to concessional financing provided by the World Bank and the International Development Association, which offers financing with low or no interest rates.

The adolescent girls' Initiative for learning and empowerment is a program for young girls in secondary school that costs $700 million. This program aims to provide them with valuable skills alongside their academic accomplishments.

To provide more details, Dr. Tahir Mamman, the Minister of Education, stated that the girls' program, which initially commenced in seven states, has now been extended to eleven more states. The Program will allow girls aged 10 to 20 to benefit from this program across all participating states.

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